Eurozone survey points to faltering economic growth in May

A man, right, speaks on his mobile phone as people use ATM machines outside a bank of Cyprus' branch in central capital Nicosia, eastern Mediterranean island of Cyprus, on Friday, May, 20, 2016. Knuckling down and doing away with wasteful spending while avoiding burdening working folks with more taxes helped Cyprus wrap up a three-year, multibillion euro rescue plan and emerge with solid growth and a dropping, but still high unemployment rate. (AP Photo/Petros Karadjias)
(The Associated Press)

LONDON – A closely monitored survey of business activity across the 19-country eurozone is showing that output growth in May has slowed to its weakest rate since early 2015.

Financial information company Markit says its flash composite purchasing managers' index — a broad gauge of business activity across the services and manufacturing sectors — has fallen to a 16-month low of 52.9 points in May from April's 53.0.

The reading is the latest in a series of indicators pointing to waning eurozone growth following a perky start to the year.

Chris Williamson, Markit's chief economist, says Monday that the survey, which is based on approximately 85-90 percent of normal final monthly replies, adds "further to the suggestion that the robust pace of economic growth seen in the first quarter will prove temporary."